This Morning in Metals: Aluminum producer Novelis touts ‘outstanding’ quarter

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This morning in metals news: aluminum roller and recycler Novelis announced its quarterly financial results; meanwhile, the United States International Trade Commission voted Tuesday on anti-dumping duties for prestressed concrete steel wire strand; and, lastly, the Consumer Price Index rose by 0.8% in April.

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Novelis reports ‘outstanding’ quarter

earnings sign

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Aluminum roller and recycler Novelis reported net income of $180 million during the quarter ending March 31, 2020 (Q4 of fiscal year 2021).

The performance marked a jump from $63 million in Q4 of fiscal year 2020.

“Guided by our purpose and driven by the resilience of our people and the strength of our partnerships, we safely navigated this extraordinary year to achieve outstanding results,” President and CEO Steve Fisher said. “With the ongoing successful integration of Aleris, a diverse and innovative product portfolio, and unmatched geographic footprint, we have proven our ability to deliver sustainable aluminum solutions to customers in a way that resulted in record financial performance.”

Furthermore, among other factors, higher average aluminum prices helped drive a 33% year-over-year rise in sales to $3.6 billion.

USITC votes on anti-dumping duties for prestressed concrete steel wire strand

The USITC on Tuesday determined imports of prestressed concrete steel wire strand from seven countries materially injure US industry.

The countries in question are Indonesia, Italy, Malaysia, South Africa, Spain, Tunisia and Ukraine.

The Department of Commerce will issue anti-dumping duties for imports of the product from the seven countries.

CPI rises 0.8%

Lastly, after rising by 0.6% in March, the Consumer Price Index for All Consumers jumped by 0.8% in April, the Bureau of Labor Statistics (BLS) reported today.

Over the last 12 months, the all items Index increased by 4.2% (before seasonal adjustment). That marked the largest 12-month increase since the 4.9% increase for the 12-month period ending September 2008.

As those in the hunt for a car can relate, used car prices have surged. The index for used cars and trucks jumped by 10%. Furthermore, the increase marked the largest one-month jump since the series began in 1953, the BLS said.

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